Is the bull market reignited? Analysts say the rally of Bitcoin is repeating the trend of June 2020

Bitcoin's Recent Surge Keeps Price Firmly Above $100,000, Reflecting Ongoing Investor Confidence

Bitcoin’s recent surge has firmly kept its price above the $100,000 mark, reflecting sustained investor confidence. At the time of writing, BTC is trading at $103,527, up 4.3% in the past 24 hours and 33% over the past month.

Although still about 5% below its all-time high set in January, the market shows continued upward momentum, with technical and on-chain signals suggesting that accumulation is still ongoing.

On-chain Indicators Reflect Strengthening Confidence

This latest rally comes amid broader economic uncertainty and renewed geopolitical tensions. According to data shared by CryptoQuant analyst Darkfost, the current market pattern mirrors that of nearly five years ago, characterized by high volatility and conflicting economic narratives.

Despite a cautious stance from central banks such as the Federal Reserve, investor sentiment appears to be shifting toward risk appetite, driven by headlines around trade agreements and fiscal policies sparking renewed buying interest.

Darkfost pointed out that as BTC returned to the $100,000 level, the Bitcoin growth rate indicator also re-entered a bullish zone. The analyst noted that the current market dynamics resemble those of June 2020, especially in how external political developments influence capital flows.

Bitcoin Growth Rate Divergence

For instance, recent trade negotiations initiated by the Trump administration and its assertive global policy stance have prompted rapid responses from both stock and cryptocurrency investors. Darkfost believes this sentiment-driven environment makes it difficult to rely solely on traditional indicators to forecast price trends.

The impact of media narratives further complicates the situation. Darkfost wrote:

"This can largely be explained by various news headlines, such as the ones we see today (‘Now Is the Time to Buy Stocks’), and by Trump beginning to reach trade agreements with other countries, such as today’s deal with the UK."

These signals may be driving investors into crypto assets as part of a broader diversification strategy. Despite the Federal Reserve’s warnings that investors should remain cautious, the market appears to be gripped by a fear of missing out (FOMO), which further amplifies upward volatility.

Bitcoin Whales Continue Accumulating While Retail Lags Behind

In another related analysis, CryptoQuant analyst caueconomy revealed that large Bitcoin holders have remained active during the recent BTC price rebound. Over the past month, wallet balances classified as belonging to “whales” have increased by roughly 41,300 BTC.

This steady accumulation—especially from institutional investors and corporations—indicates that strategic positioning continues regardless of the macroeconomic signals.

According to caueconomy, this accumulation is not driven by retail speculation, but rather by institutional entities deploying corporate resources, such as retained earnings and debt issuance.

This form of capital inflow, often referred to as "passive" accumulation, can exert sustained demand pressure that is less sensitive to market cycles. As a result, Bitcoin’s recent rally may be supported by a structurally different group of buyers compared to previous bull markets.